FBR wins first case under anti money laundering law
Citizen of Khyber Pakhtunkhwa had more than one billion rupees, paid only one lac, accuse used to make huge transactions from other bank accounts
FBR: case of tax evasion, the total amount of Habibullah’s bank accounts in Khyber Pakhtunkhwa was Rs. 9 billion while he paid only one lac.Rs of tax.
For the first time in the country’s history, the Federal Board of Revenue has won a case under the Anti-Money Laundering Act. This was the first case of its kind. The FBR’s Directorate of Intelligence and Investigation conducted a preliminary investigation under tax laws.
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During the investigation, 6 more bank accounts of the accused were found through which large transactions were made. The total amount of all the bank accounts of the accused was Rs. 2 billion 9 crore while he paid only Rs. 1 lakh 92 thousand 877 in 2015.
The accused hid income and bank accounts and provided false information to the tax authorities. After a detailed investigation, money laundering came to light, after which action was initiated under the Anti-Money Laundering Act, 2010.
With the permission of the court, the bank accounts of the accused have been confiscated under Section 8 of the Anti-Money Laundering Act, 2010. A final challan was filed on completion of the investigation under Section 9 of the Act and a case of money laundering and tax evasion has been registered under Section 203 of the Income Tax Ordinance 2001.
The FBR filed a petition in the court seeking tax evasion, money laundering and confiscation of money. The trial was completed on November 30, 2021, as a result of which the accused was sentenced to two years imprisonment and a fine of Rs 500,000 under Section 4 of the Anti-Money Laundering Act.
The accused was also sentenced to one year imprisonment and a fine of Rs 1 lakh under Section 192A of the Income Tax Ordinance 2001. The court also ordered confiscation of Rs 2090.4 million from the crime.
